Whitepaper Customer Experience | Engels
The value of knowing your customer has been a maxim of good business almost since businesses first began – and focusing on the most valuable customers a priority. Identifying a business’s most valuable current customers is straightforward enough.
Traditional approaches to customer experience management
(CEM) value customers on the amount they currently spend with a business. Those who spend more are ‘high-value’ customers; those that spend less are ‘low-value’. The problem is that customers don’t buy products from just one company. Most consumers have repertories of brands within any given category. Only by understanding its share of their overall spend in a category can a business understand the true future value of each customer – and the risks or opportunities that they represent.
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